DGAP-News: Grammer finishes strong first quarter
(firmenpresse) - DGAP-News: Grammer AG / Key word(s): Quarter Results
Grammer finishes strong first quarter
11.05.2011 / 06:49
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Grammer finishes strong first quarter
Revenue increases by nearly 30 percent
Operating profit climbs to EUR 12.1 million
Amberg, May 11, 2011 - Grammer Group, specialist for seating systems and
automotive interiors, continued to grow in the first quarter of this year.
As published in the company's interim report, which was released today, the
OEM and aftermarket supplier increased total revenue in a positive market
environment by nearly 30 percent in the initial three months of 2011, to
EUR 263.0 million (Q1 2010: 203.0). Particularly dynamic was business in
the Americas region, where Grammer was able to raise revenue by almost 36
percent to EUR 55.3 million (Q1 2010: 40.7). In Europe, revenue was up 29
percent to EUR 172.8 million (Q1 2010: 133.8). Revenue in Asia was also
more than 20 percent higher, at EUR 34.9 million (Q1 2010: 28.5). Carried
by higher revenues and improved cost structures, Grammer Group saw a strong
increase in EBIT of EUR 12.1 million (Q1 2010: 3.5). After tax profit was
higher, going from EUR 0.1 million to EUR 4.9 million for the first three
months of 2011. Earnings per share (on the basis of 10,165,109 shares on
March 31, 2011) rose to EUR 0.48 (Q1 2010: 0.01).
Revenue and EBIT up in Automotive division
From January to March, the Automotive division achieved revenue of EUR
171.7 million (Q1 2010: 136.3), or 26 percent more than the comparable
period in 2010. The clear growth in the Automotive division, especially in
Europe and the US, was generated through new product launches as well as
positive sales numbers and strong exports in the premium car segment. EBIT
also increased by EUR 4.2 million year-over-year to EUR 7.9 million (Q1
2010: 3.7).
Very good performance by Seating Systems division
The uptrend in the third and fourth quarters of 2010 continued for the
Seating Systems division over the first quarter of 2011. Revenue in the
division totaled EUR 98.7 million (Q1 2010: 71.8). This equates to an
increase of 38 percent as compared to the relatively weak first quarter of
last year. Reasons for the positive business development include the strong
new order situation especially in Brazil, and substantially improved
offroad demand in Europe. Operating profit in the Seating Systems division
increased from EUR 0.9 million to EUR 7.9 million in the first quarter of
2011.
Investment
Investment was up slightly year-over-year in the period from January to
March 2011. Investments by GRAMMER Group totaled EUR 9.9 million (Q1 2010:
8.4). The Seating Systems division invested EUR 6.5 million (Q1 2010: 3.8)
in production optimization and new projects. Investments in the Automotive
division totaled EUR 3.2 million (Q1 2010: 4.6) for the product launches at
the beginning of 2011 and to increase production capacities in Schmölln
(Germany) and Mexico.
Balance sheet and financial situation remain solid
On March 31, 2011, Grammer Group's equity totaled EUR 174.7 million
(12/31/10: 173.1). The equity ratio remained at 30 percent, while net
financial liabilities decreased to EUR 105.9 million (12/31/10: 113.8) as
of March 31, 2011.
Employees
On March 31, 2011, GRAMMER Group had a total of 8,145 employees (03/31/10:
7,617). The number of people employed in the Automotive division increased
to 5,063 (03/31/10: 4,804). Here, the number of direct employees was
increased, especially at plants in China, Mexico and Serbia, as the economy
improved and new projects were begun. As of March 31, 2011, the Seating
Systems division employed a total of 2,904 people (03/31/10: 2,623). This
increase is attributable to increasing demand for our products. The Central
Services division employed 178 (03/31/10: 190).
Capital increase
On April 14, 2011, Grammer AG implemented an accelerated bookbuilding
procedure to place 1,049,515 new shares with qualified institutional
investors in Germany and Europe. The EUR 19.1 million in gross proceeds
from the issue, which was several times oversubscribed, will serve to
improve the structure of the balance sheet and finance further organic and
external growth of Grammer AG. At the same time, the company will have more
leeway for investment in research and development for technologies and
processes, as well as acquisitions to complete the value chain.
Outlook
Based on the situation in the first three months of 2011 and the current
economic environment, the company continues to have a positive business
outlook. Revenue performance for full-year 2011 will beat previous-year
levels by percentages in the mid-single digits. Based on the positive
effects of the implemented and completed measures, Grammer expects a
positive operating result in the fiscal year in excess of the previous year
levels. New order development, however, will be influenced by the
developments of commodity markets and currency exchange rates, which could
have an impact on the profitability of the company.
Company Profile
Grammer AG, Amberg, Germany, is specialized in the development and
production of components and systems for automotive interiors as well as
driver and passenger seats for offroad vehicles (tractors, construction
machinery, forklifts), trucks, buses and trains. Our Seating Systems
division comprises the truck and offroad seat segments as well as train and
bus seating. In the Automotive division, we supply headrests, armrests,
center console systems and integrated child safety seats to premium
automakers and automotive system suppliers.
Grammer is represented in 17 countries worldwide with a workforce of
approx. 8,000 employees across its 23 fully consolidated subsidiaries.
Grammer shares are listed in the S-DAX segment of the German Stock
Exchange, and are traded on the Munich and Frankfurt stock exchanges, via
the Xetra electronic trading platform and on the OTC markets of the
Stuttgart, Berlin and Hamburg stock exchanges.
End of Corporate News
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Language: English
Company: Grammer AG
Postfach 14 54
92204 Amberg
Deutschland
Phone: +49 (0)9621 66-0
Fax: +49 (0)9621 66-1000
E-mail: investor-relations(at)grammer.com
Internet: www.grammer.com
ISIN: DE0005895403, DE0005895403
WKN: 589540, 589540
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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123949 11.05.2011
Datum: 11.05.2011 - 06:49 Uhr
Sprache: Deutsch
News-ID 34016
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